iRhythm Technologies, Inc. Raises Additional $7 Million in Series C Equity Round
Funding to enable rapid national ramp of the Zio® Patch cardiac rhythm monitoring system
San Francisco -- October 17, 2011 -- iRhythm Technologies, Inc., a medical device company that develops and markets simple, innovative diagnostic monitoring solutions, announced it has raised an additional $7 million in its Series C private equity financing, led by new investor Kaiser Permanente Ventures. The Company also announced that Sam Brasch, Director of Kaiser Permanente Ventures, has joined iRhythm’s Board of Directors.
“Kaiser Permanente Venture’s mission to partner with entrepreneurial companies to advance clinical quality, service and affordability closely matches with iRhythm’s own goals to make the diagnostic process cost-effective, efficient and far simpler for patients,” said Bill Willis, Chief Executive Officer of iRhythm. “We are privileged to have access to the valuable opinions and perspectives of Kaiser Permanente Ventures and look forward to leveraging KPV’s organizational expertise and resources to help build iRhythm.”
The Zio® Patch, introduced commercially in the United States earlier this year, has been prescribed to more than 20,000 patients and is available in over 30 states. It is an easy-to-wear, single-use, ambulatory cardiac rhythm monitor capable of continuous monitoring for up to 14 days. The simplicity of the Zio® Patch significantly improves patient compliance while gathering comprehensive, high-quality ECG data enabling physicians to diagnose arrhythmias more efficiently, often eliminating the need for multiple or more expensive tests.
“We continue to be excited by what the management team at iRhythm has accomplished in bringing this innovative technology to the market. We see Kaiser Permanente Ventures’ investment as further validation that we are positively impacting care for patients, doctors and the healthcare system,” said Bill Starling, Chairman of iRhythm’s Board of Directors. “Furthermore, Sam’s experience as a health care investor and as an executive in medical device and payor/provider organizations adds tremendous value to our Board as we continue to grow the Company.”
About Kaiser Permanente Ventures
Kaiser Permanente Ventures, the corporate venture capital arm of Kaiser Permanente, makes investments in medical device, diagnostics, healthcare services and information technology companies that advance the quality and affordability of health care. Since its inception in 1997, Kaiser Permanente Ventures has invested in more than 40 venture-capital backed companies at all stages of development, and contributed organizational expertise, time and resources to the success of these companies. For additional information please visit www.kpventures.com.
About iRhythm Technologies, Inc.
iRhythm develops and markets simple, elegant and innovative diagnostic monitoring solutions supported by comprehensive clinical services in order to make the diagnostic process cost-effective, efficient and simpler for patients. The Company’s Zio® devices are easy-to-wear, single-use monitors designed to enhance a patient’s monitoring experience and improve compliance, while maximizing diagnostic yield. iRhythm has headquarters in San Francisco, an independent diagnostic testing facility near Chicago, and a manufacturing facility in Huntington Beach, CA. For more information, please visit www.irhythmtech.com.